Calculation 1: How much are you spending now?
First, see how much you currently spend on a monthly basis.
Consider the following sample expenses.
CMHC offers several online calculators that help with everything from figuring out your household budget to calculating your maximum home price and monthly payments.
Household expenses groceries tuition clothing gifts housing maintenance child care Loans and debts credit cards car loans personal loans lines of credit student loans mortgages for properties already owned Entertainment expenses dining out spectator events magazines and books hobbies travel Savings and donations RRSP TFSA savings accounts charitable gifts Second, subtract that number from your total monthly net income (the amount of money your household earns on a monthly basis after taxes and deductions). The difference is how much money you have left each month after expenses.